OCC Issues First Interpretation of Dodd-Frank Preemption Provisions, But Questions Remain

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This article, first appearing in Consumer Financial Services Law Report (6/8/2011), discusses the OCC's response to a request from Senators Thomas Carper (D-Del) and Mark Warner (D-Va) that the OCC clarify its interpretation of provisions on preemption for national banks and federal thrifts. The OCC's response, writtn by Acting Comptroller John Walsh, addresses application of OCC regulations to federal thrifts; the repeal of preemption protection for operating subsidiaries, agents and affiliates of national banks and federal thrifts; the articulation of a preemption standard; codification of visitorial powers under the Cuomo v. Clearing House Association standard, and more. A related article on the preemption topic was published by the same authors (John P. Kromer and Melissa Klimkiewicz) in Consumer Financial Services Law Report on July 22, 2011.

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